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Tuesday Nov 25 2025 02:50
2 min
Dunamu, the parent company of South Korean crypto exchange Upbit, is reportedly looking to debut on the US stock market following its merger with local tech behemoth Naver. The company intends to launch an initial public offering (IPO) on the Nasdaq, contingent upon the completion of the merger, expected later this week, according to the Seoul Economic Daily.
The Chosun Daily reported that Dunamu and Naver are scheduled to hold separate board meetings on Wednesday to formally approve the merger. Subject to board approvals, the CEOs of both Dunamu and Naver are expected to unveil their post-merger strategies publicly on Thursday.
Upbit is the leading cryptocurrency trading platform in South Korea, with CoinGecko data indicating a $2.1 billion trading volume over the past day. This volume is closely comparable to the approximately $2.2 billion volume recorded by its US-based competitor, Bullish, which completed its IPO in August.
A successful IPO for Dunamu would provide Wall Street investors with exposure to the South Korean crypto market, known for its high activity and often asynchronous movements relative to other global crypto markets.
In September, local media reported that Naver Financial, the fintech division of Naver, was planning to acquire Dunamu through a share exchange, pending the aforementioned board approvals.
Naver is South Korea's dominant search engine, often likened to Google. Similar to Google, Naver offers a suite of services, including email, blogs, maps, and mobile payment processing.
Naver also has plans to introduce a local currency-backed stablecoin, as South Korea advances regulatory frameworks permitting Korean Won-backed stablecoins, initially via established banking institutions.
Regulatory authorities will also need to approve the merger, assessing potential monopolistic implications given the combination of the country's largest crypto exchange and a major payment provider.
Several cryptocurrency companies have pursued IPOs in the US this year, spurred by a more favorable regulatory landscape.
Crypto exchanges such as Gemini, Bullish, and eToro all debuted on the public markets earlier this year, although their stock prices have since declined, reflecting the broader downturn in the crypto market.
Stablecoin issuer Circle Internet Group also had a notable IPO in June, reaching a valuation of $18 billion on its initial trading day.
Risk Warning: this article represents only the author’s views and is for reference only. It does not constitute investment advice or financial guidance, nor does it represent the stance of the Markets.com platform.When considering shares, indices, forex (foreign exchange) and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and could result in capital loss.Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be construed to be investment advice. Trading cryptocurrency CFDs and spread bets is restricted for all UK retail clients.
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